Multifamily

Landmark Properties Purchases 898-Bed Student Housing Property in Baton Rouge

by Julia Sanders March 29, 2021

BATON ROUGE, LA. — Landmark Properties, a student housing developer and owner-operator based in Athens, Ga., has purchased The Exchange at Baton Rouge, a 299-unit, 898-bed student housing property located at 449 Ben Hur Road in Baton Rouge. The sales price was not disclosed, and Halstatt was Landmark’s capital partner on this transaction. The Exchange at Baton Rouge is a garden-style property located approximately 1.5 miles from the Louisiana State University (LSU) campus and is situated adjacent to Tiger Land, an entertainment area for LSU students. The Exchange’s amenities include three resort-style swimming pools, four courtyards, bike storage, volleyball court, fitness center, cybercafé and game room. The Exchange also offers one- to four-bedrooms floorplans. Landmark plans to modernize the community. The purchase of The Exchange at Baton Rouge represents Landmark’s 11th acquisition in the past 18 months and its first transaction completed in partnership with Halstatt Real Estate Partners.

March 29, 2021

Alabama Industrial Loans Multifamily Southeast

Trillium Capital Arranges Financing for Multifamily Property, Industrial Facility in Phenix City, Alabama

by Julia Sanders March 29, 2021

PHENIX CITY, ALA. — Trillium Capital Resources has arranged financing for two real estate properties in Phenix City. The properties include Windsweep Luxury Apartments, a 108-unit apartment community, and a 103,680-square-foot industrial property. Trillium originated a $7.8 million Fannie Mae loan for Windsweep. The 10-year, non-recourse loan included a fixed 3.63 percent interest rate. The borrower was not disclosed. For the industrial transaction, Trillium arranged a $2.2 million loan through an unnamed regional bank on behalf of The Memory Co., a designer and marketer of licensed sports related gifts, collectibles and home décor. The five-year loan features a fixed 4.2 percent interest rate. Trillium Capital Resources is a commercial mortgage banking firm with offices located in Columbus, Ga., Atlanta and Jacksonville, Fla.

March 29, 2021

Acquisitions Multifamily Texas

The Multifamily Group Arranges Sale of 68-Unit Complex in San Antonio

by Taylor Williams March 29, 2021

SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Executive Apartments, a 68-unit complex in northwest San Antonio. The property was built in 1964 and, according to Apartments.com, offers one- and two-bedroom units, as well as a pool and a business center. Bryce Smith and Paul Yazbeck of TMG represented the seller and the buyer, both of which requested anonymity, in the transaction. The new ownership will implement a value-add program to the unit interiors and building exteriors.

March 29, 2021

Acquisitions Illinois Midwest Multifamily

SVN | Chicago Commercial Brokers $3M Sale of Apartment Building in Chicago

by Kristin Harlow March 29, 2021

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit apartment building in Chicago’s Rogers Park neighborhood for roughly $3 million. The vintage asset is located at 7005-7013 N. Ridge Blvd. Peter Theodore of SVN represented the undisclosed seller. A Europe-based investor purchased the building and plans to make improvements to the property in the coming years.

March 29, 2021

Illinois Loans Midwest Multifamily

Maverick Commercial Mortgage Arranges $2.7M Loan for Refinancing of Chicago Multifamily Asset

by Kristin Harlow March 29, 2021

CHICAGO — Maverick Commercial Mortgage has arranged a $2.7 million Freddie Mac loan for the refinancing of a 13-unit multifamily asset located at 1049 N. Paulina St. in Chicago’s Wicker Park neighborhood. The timber, loft-style building features a mix of one- and two-bedroom units. All residences have been updated. Matthew Cohen of Maverick arranged the 20-year loan, which features a 55 percent loan-to-value ratio, a fixed interest rate for 10 years, a floating rate for 10 years and a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, returned equity to the borrowing entity and paid for closing costs.

March 29, 2021

Development Multifamily New York Northeast Seniors Housing

Capitol Seniors Housing Opens The Residences at Plainview on Long Island

by Taylor Williams March 29, 2021

PLAINVIEW, N.Y. — Capitol Seniors Housing has opened The Residences at Plainview, a 114-unit independent living community in the Long Island hamlet of Plainview. Chelsea Senior Living operates the 150,000-square-foot community, the site of which formerly housed a Residence Inn by Marriott hotel prior to its conversion to seniors housing. Meyer Senior Living Studio was the designer for the project, while E.W. Howell Construction Group was the general contractor.

March 29, 2021

Affordable Housing Market Reports Multifamily Seniors Housing Southeast Southeast Market Reports Student Housing Tennessee

Multifamily Investors Await Clarity on Nashville’s Economic Recovery

by John Nelson March 29, 2021

Owners and buyers remain apart on pricing. Unlike some densely populated urban areas where the extent of the damage to local commercial real estate operations is unknown, the gap in Nashville persists due to uncertainty regarding the upside potential rather than downside risks. Owners are hesitant to list properties because the metro remains a safe portion of their portfolios. If this disconnect persists, pricing will return to pre-recession levels before many other areas of the country. In the early months of the COVID-19 pandemic, multifamily transactions slowed to almost a standstill. However, transaction velocity picked back up and made a strong rebound between the third and fourth quarters of 2020. Although total sales volume dropped from $1.9 billion in 2019 to $1.6 billion in 2020, it was still the third-highest sales output since 2010 and cap rates averaged 5 percent, down 28 basis points year-over-year. California-based investors represent the lion’s share of investment activity, purchasing over $650 million of assets in Nashville in 2020. We are seeing more cities buying into Nashville such as Virginia-based Snell Properties, which purchased Retreat at Iron Horse in the Nashville suburb of Franklin for $306,000 per-unit in September. San Antonio-based Embrey developed the Class …

March 29, 2021

Development Multifamily Southeast Top Stories Virginia

JBG Smith Starts Construction of Two Residential Towers at National Landing Near Washington, D.C.

by Julia Sanders March 26, 2021

ARLINGTON, VA. — JBG Smith has started construction of two residential towers at 1900 Crystal Drive in National Landing, a massive development project just across the Potomac River from Washington, D.C. The buildings will total 808 multifamily rental units and around 40,000 square feet of street-level retail across two mixed-use buildings in Arlington. A 27-story southern tower will feature 471 apartments, while the 26-story northern tower will include 337 apartments. 1900 Crystal Drive will feature a private rooftop and green spaces, as well as a pedestrian-friendly street that will serve as a connection between 18th and 20th streets. The property will also have neighborhood improvements such as enhanced streetscapes, a grand staircase connecting to public open space and public bike facilities. National Landing comprises three neighborhoods: Crystal City, Pentagon City and Potomac Yard, that spread across Arlington and neighboring Alexandria. In 2018, online retail giant Amazon choose National Landing for its new headquarters, and JBG Smith was hired as developer, leasing agent and property manager for the project. Amazon says it plans to hire around 38,000 employees in National Landing. Amazon’s growing presence in National Landing is expected to increase the daytime population in the submarket from approximately 50,000 people …

March 26, 2021

Acquisitions Alabama Florida Multifamily Southeast

DLP Real Estate Capital Acquires 1,086-Unit Multifamily Portfolio in Mississippi, Alabama

by Julia Sanders March 26, 2021

ST. AUGUSTINE, FLA. — DLP Real Estate Capital has acquired the 1,086-unit Prosper Gulf Coast portfolio, a four-property multifamily portfolio in Mississippi and Alabama. DLP entered into an Interest Purchase Agreement with its investment partners in the portfolio, Dallas-based RREAF Holdings and Houston-based Mosaic Residential Inc., to gain full ownership of the four communities. The properties in the portfolio includes Prosper Gulfport, Prosper Jackson, Prosper Orange Beach and Prosper Senatobia. Prosper Gulfport is a 426-unit multifamily property located in Gulfport, Miss. The property sits on 18.4 acres with 19 residential buildings and features a clubhouse, fitness center and resort-style saltwater pool with a sundeck. Units include one- to three-bedroom floor plans that average 1,134 square feet. Interiors include natural oak kitchen cabinetry, built-in microwave, vaulted ceilings, pantry, screened patio/balcony and washer/dryer hook-ups. Prosper Jackson is a 280-unit multifamily complex located in Jackson. The gated community sits on 15.9 acres with 30 residential buildings and includes a clubhouse, fitness center, two pools with sundecks, a spa and an outdoor entertainment area. Units include options for one to three bedrooms and average 1,035 square feet. Community amenities include faux hardwood floors, white on white kitchen appliances, walk-in closets and covered patios. Prosper …

March 26, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 100-Unit Richelieu at Bluffview Apartments in Dallas

by Taylor Williams March 26, 2021

DALLAS — Marcus & Millichap has brokered the sale of The Richelieu at Bluffview, a 100-unit multifamily complex in Dallas. The property was built in 1963 and consists of 11 buildings situated on 3.3 acres. Al Silva and Ford Braly of Marcus & Millichap represented the seller, family of the original developer, in the transaction. The duo also procured a California-based 1031 investor as the buyer. Both parties requested anonymity.

March 26, 2021

Newer Posts

Older Posts